Our Rating:
Barclays Bank Review 2023
Barclays offers consumers high yield savings accounts and CDs. This bank is ideal for individuals looking for saving options and should be avoided by consumers who are looking for more regular banking services.
Barclays Overall |
94%
World-famous Barclays Bank is headquartered in the U.K. For United States customers, Barclays offers a limited selection of deposit products.
Pros
- No minimum balance required to open an account.
- Savings accounts are fee-free.
- Good customer service with live support offered 24/7.
- Competitive interest rates
Cons
- Long wait time (2 or 3 days) to withdraw funds from deposit accounts.
- Mobile app needs to be revamped
- No checking accounts avaiable
- No branch locations or ATM access
CD Rates |
90%
Multiple standard three month to 5-year CDs are offered by Barclays Bank. Barclays CDs are ideal for customers looking to invest a great deal of money.
The CDs do come with early withdrawal penalties. A 90-day simple interest fee is the penalty for early withdrawal on a CD with terms less than 24 months. For a CD whose terms are more than 24 months, the penalty is 180 days of interest.
Pros
- No minimum deposit required
- Daily compounding interest
- Possible to withdraw interest monthly, before CD matures
- Nine term options available
Cons
- No physical branches in the United States
- Only standard CDs are available
- Other online banks offer better yields
Savings Accounts |
98%
Featuring no minimum deposit amount and no monthly maintenance fees, FDIC insured Barclays Bank offers competitive APYs on their online savings accounts.
Pros
- Daily compounding interest.
- Competitive APY on saving at 0.50%.
- No minimum requirement to open a savings account
- Lower fees compared to other banks (ex. $5 insufficient funds fee; compared to $30 industry average)
Cons
- No checking accounts offered by Barclays Bank
- No cash deposits or withdrawals
- No tiered APY rewards
Bank Features
Barclays offers a basic savings account and standards CDs without any of the advanced features other online banks offer.
Their mobile app needs a revamp and is limited to basic features like checking your balance or depicting funds into your account. This might be an advantage to users who are not as tech-savvy and are looking for simple digital savings options. Barclays also offers live support from 8am - 8pm EST 7 days a week at (888) - 710 - 8756 which is another advantage for users who are not as custom to digital banking.
Bank History
Starting in London in 1960 by lending money to goldsmiths, Barclays adopted its name in 1736. Having offered banking services in the united states since 1965, Barclays Bank Delaware was established when Barclays bought credit card company Juniper bank in 2003. Barclays Bank Delaware is the Banks the United States internet banking subsidiary.